Cyprus Takes Major Step in Natural Gas Industry with Cronos Field Development

Cyprus is moving from exploration to production after Italian energy company Eni announced its final investment decision for the development of the 'Cronos' field in Block 6 of Cyprus' Exclusive Economic Zone.

The project aims to deliver the first quantities of Cypriot natural gas to international markets by 2028. Production is expected to reach a stable level of 500 million cubic feet per day, corresponding to approximately 5 billion cubic meters annually before processing and technical losses.

The 'Cronos' field contains more than three trillion cubic feet of natural gas. Eni will undertake the commercial marketing of 50% of the LNG quantities produced from 'Cronos', corresponding to 1.4 million tonnes per year, indicating that the project's total LNG production will be approximately 2.8 million tonnes annually.